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USD/JPY, EUR/JPY, CAD/JPY Daily Forecast

By Jason SenForexApr 29, 2021 06:41AM ET
www.investing.com/analysis/usdjpy-eurjpy-cadjpy-daily-forecast-200576255
USD/JPY, EUR/JPY, CAD/JPY Daily Forecast
By Jason Sen   |  Apr 29, 2021 06:41AM ET
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USD/JPY Previously, we wrote: holding above 108.00 should be positive targeting 108.35/40 then strong resistance at 108.90/109.05. Perfect call! We shot higher from 108.05 to 108.90/109.05 and topped exactly here. Shorts already offered a 50 pips profit.

EUR/JPY beat resistance at 130.60/70 to target a strong 16 month trend line resistance at 131.40/60. We topped exactly here. Shorts need stops above 131.85.

CAD/JPY beat strong resistance at 86.90/8710 hitting targets of 87.55/60 and 88.00/10.

We topped at the early April high at 8830. Double top sell signal here?

Today’s Analysis

USD/JPY held 5 pips above 108.00 and shot higher to strong resistance at 108.90/109.05, as predicted. We topped exactly here. Shorts need stops above 109.20. A break higher targets 109.60/70.

Shorts at strong resistance at 108.90/109.05 target 108.60, 108.40/35 (hit), perhaps as far as strong support at 108.25/15. Longs need stops below 180.00.

EUR/JPY tests the strong 16 month trend line resistance at 131.40/60. Shorts need stops above 131.85 (we are still holding below here as I wrote this). A break higher targets 1.3215/20 and 132.40/50

Shorts at 131.40/60 target support at 131.10/130.90 for profit taking. Longs need stops below 130.75. Further losses meet strong support at 130.50/40. Longs need stops below 130.25.

CAD/JPY risks the formation of a double top sell signal at 8830. Shorts need stops above 8845. A break higher is a buy signal targeting 8860/65, 89.20/25 and 89.40/45.

Shorts at 8830 target 88.00/87.90 with first support at 87.70/60. Best support at 87.15/8695. Longs need stops below 86.75.

JPY Chart
JPY Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

USD/JPY, EUR/JPY, CAD/JPY Daily Forecast
 

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USD/JPY, EUR/JPY, CAD/JPY Daily Forecast

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